BF Biosciences injects 14% profit surge in Q1 FY25

October 28, 2024 (MLN): Newly listed on the Pakistan Stock Exchange, BF Biosciences Limited (BFBIO) has notified its financial results for the first quarter that ended September 30, 2024, today wherein the company posted net profit Rs115.3 million, up by 14.39% YoY compared to the in the corresponding quarter of 2023.

Earnings per share for the period climbed to Rs1.82, compared to Rs1.59 in the same quarter last year.

The profitability is attributed to the solid 43.7% increase in net sales to stand at Rs1.39 billion in the review period, compared to Rs964.8m during the same period last year.

Accordingly, the company’s gross profit jumped by 49% to Rs563.8m, with a gross margin improvement due to efficient cost management, despite a 40.3% hike in cost of sales.

However, BFBIO witnessed an 82.4% increase in administrative expenses, reaching Rs11.9m, and a significant 70.7% rise in selling and distribution expenses, which hit Rs304.9m during the review period.

Despite these elevated expenses, BFBIO managed to report a 10.98% increase in profit before taxes, which reached Rs186.2m.

The company also benefited from reduced finance costs, down by 15.2%, contributing to the profitability growth.

On the tax side, the company incurred a minimum tax differential of Rs4.16m, slightly higher (7.13%) than the Rs3.88m it paid in the same period last year.

In addition, a notable reduction was seen in the final tax expense, which dropped by a significant 58.63%, amounting to Rs488,651 compared to Rs1.18m in the previous year.

The company’s income tax for the period increased by 7.01% to Rs66.3m, up from Rs62m in the prior year.

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